Since I started this Handyman malarky and opened a business account with the
bank, I've always had a small overdraft - a few hundred quid, just to cover
the ridiculous time taken to clear a cheque when its paid in. In practice
it can be 5 days. Rarely used, but handy to have.

Every year they ring to ask if I want to renew it, but after the two year
'honeymoon' period they wanted a £200 arrangement fee! The answer comprised
of two words, the second one being 'off'. Typical bank, £200 to arrange
something that costs nowt. They then suggested a business credit card.
Again the second word of the answer was 'off'.

Recently had my business debit card refused for a £6 transaction when there
was loadsa money in the account, but uncleared. Rang my 'business manager'
who instantly agreed to renew the overdraft completely free of charge -
amazing what the threat of changing banks can achieve innit?

Interestingly he agreed to renew the facility until 'January 2010'. When I
asked why, he said that changes to the banking system from that date would
mean that cheques would be cleared so much faster that I wouldn't need the
overdraft facility.

I've Googled for more info & can't find any. Anyone know what these changes
are?


--
Dave - The Medway Handyman
www.medwayhandyman.co.uk

The Medway Handyman wrote:
Since I started this Handyman malarky and opened a business account
with the bank, I've always had a small overdraft - a few hundred
quid, just to cover the ridiculous time taken to clear a cheque when
its paid in. In practice it can be 5 days. Rarely used, but handy
to have.
Every year they ring to ask if I want to renew it, but after the two
year 'honeymoon' period they wanted a £200 arrangement fee! The
answer comprised of two words, the second one being 'off'. Typical
bank, £200 to arrange something that costs nowt. They then suggested
a business credit card. Again the second word of the answer was 'off'.

Same experience over the same timescale; with a similar but politer response
from me.

Recently had my business debit card refused for a £6 transaction when
there was loadsa money in the account, but uncleared. Rang my
'business manager' who instantly agreed to renew the overdraft
completely free of charge - amazing what the threat of changing banks
can achieve innit?

Interesting!

Interestingly he agreed to renew the facility until 'January 2010'. When I
asked why, he said that changes to the banking system from
that date would mean that cheques would be cleared so much faster
that I wouldn't need the overdraft facility.

I've Googled for more info & can't find any. Anyone know what these
changes are?

I think it might be to do with the improved speed of transfer that the banks
have belligerently agreed to.

The Medway Handyman wrote:

he agreed to renew the facility until 'January 2010'. When I
asked why, he said that changes to the banking system from that date would
mean that cheques would be cleared so much faster that I wouldn't need the
overdraft facility.

I've Googled for more info & can't find any. Anyone know what these changes
are?

If anyone was going to know, you'd think this lot would, but they don't
mention it, the present system was introduced a couple of years ago.

http://www.chequeandcredit.co.uk/inf...learing_cycle/

I know that same-day electronic transfers are gradually be introduced.

On Tue, 19 May 2009 23:33:38 GMT, The Medway Handyman wrote:

who instantly agreed to renew the overdraft completely free of charge -
amazing what the threat of changing banks can achieve innit?

It's always a good one, the manager has to loads of paper work if they
lose a customer.

he said that changes to the banking system from that date would mean
that cheques would be cleared so much faster that I wouldn't need the
overdraft facility.

Don't know maybe they are moving to using the Faster Payment system with
branches keying in the cheque information at then end of the day? I know
that when I pay a cheque in at my branch it shows online that evening but
of course "uncleared". It's not a big step to use the FP system instead of
the old cheque clearing system, I expect the bits of paper will still need
to sent around the country but the actual instructions for payment can be
done electronically.

--
Cheers
Dave.

The Medway Handyman wrote:
Since I started this Handyman malarky and opened a business account
with the bank, I've always had a small overdraft - a few hundred
quid, just to cover the ridiculous time taken to clear a cheque when
its paid in. In practice it can be 5 days. Rarely used, but handy
to have.
Every year they ring to ask if I want to renew it, but after the two
year 'honeymoon' period they wanted a £200 arrangement fee! The
answer comprised of two words, the second one being 'off'. Typical
bank, £200 to arrange something that costs nowt. They then suggested
a business credit card. Again the second word of the answer was 'off'.

Recently had my business debit card refused for a £6 transaction when
there was loadsa money in the account, but uncleared. Rang my
'business manager' who instantly agreed to renew the overdraft
completely free of charge - amazing what the threat of changing banks
can achieve innit?
Interestingly he agreed to renew the facility until 'January 2010'. When I
asked why, he said that changes to the banking system from
that date would mean that cheques would be cleared so much faster
that I wouldn't need the overdraft facility.

I've Googled for more info & can't find any. Anyone know what these
changes are?

Um. Wouldn't the provision of a business credit card have solved your cash
flow problems much in the same way as the overdraft would? I would imagine
that business overdrafts also charge a fair whack, whilst most credit cards
offer 30 days grace for nothing...

On Tue, 19 May 2009 23:33:38 GMT, "The Medway Handyman"
wrote:

Since I started this Handyman malarky and opened a business account with the
bank, I've always had a small overdraft - a few hundred quid, just to cover
the ridiculous time taken to clear a cheque when its paid in. In practice
it can be 5 days. Rarely used, but handy to have.

Every year they ring to ask if I want to renew it, but after the two year
'honeymoon' period they wanted a £200 arrangement fee! The answer comprised
of two words, the second one being 'off'. Typical bank, £200 to arrange
something that costs nowt. They then suggested a business credit card.
Again the second word of the answer was 'off'.

Recently had my business debit card refused for a £6 transaction when there
was loadsa money in the account, but uncleared. Rang my 'business manager'
who instantly agreed to renew the overdraft completely free of charge -
amazing what the threat of changing banks can achieve innit?

Interestingly he agreed to renew the facility until 'January 2010'. When I
asked why, he said that changes to the banking system from that date would
mean that cheques would be cleared so much faster that I wouldn't need the
overdraft facility.

Is that when they're expecting it to all fall apart based on this
govt's incompetance?


I've Googled for more info & can't find any. Anyone know what these changes
are?
--
http://www.freedeliveryuk.co.uk
http://www.holidayunder100.co.uk

In article ,
mogga wrote:
Interestingly he agreed to renew the facility until 'January 2010'.
When I asked why, he said that changes to the banking system from that
date would mean that cheques would be cleared so much faster that I
wouldn't need the overdraft facility.

Is that when they're expecting it to all fall apart based on this
govt's incompetance?

Thought many of the banks have just managed this all on their own?

--
*A nest isn't empty until all their stuff is out of the attic

Dave Plowman London SW
To e-mail, change noise into sound.

"The Medway Handyman" wrote in message
om...
Since I started this Handyman malarky and opened a business account with
the bank, I've always had a small overdraft - a few hundred quid, just to
cover the ridiculous time taken to clear a cheque when its paid in. In
practice it can be 5 days. Rarely used, but handy to have.

Every year they ring to ask if I want to renew it, but after the two year
'honeymoon' period they wanted a £200 arrangement fee! The answer
comprised of two words, the second one being 'off'. Typical bank, £200 to
arrange something that costs nowt. They then suggested a business credit
card. Again the second word of the answer was 'off'.

Recently had my business debit card refused for a £6 transaction when
there was loadsa money in the account, but uncleared. Rang my 'business
manager' who instantly agreed to renew the overdraft completely free of
charge - amazing what the threat of changing banks can achieve innit?

Interestingly he agreed to renew the facility until 'January 2010'. When
I asked why, he said that changes to the banking system from that date
would mean that cheques would be cleared so much faster that I wouldn't
need the overdraft facility.

I've Googled for more info & can't find any. Anyone know what these
changes are?


--
Dave - The Medway Handyman
www.medwayhandyman.co.uk



Its because someone has finally cottoned on to the fact that banks clear
most checks over night from the day they were paid in and have done so for
many years, I know Barclays were doing it in 1974 and that was before
computers as we know then today.

How do they get away with charging overdraft fees and bounced check/payment
fees when the checks they are holding had already cleared but the funds not
released.

On Wed, 20 May 2009 11:01:47 +0100, Paul wrote:

How do they get away with charging overdraft fees and bounced
check/payment fees when the checks they are holding had already cleared
but the funds not released.

Because they're a load of bankers?

--
John Stumbles

The clairvoyants' meeting has been cancelled due to unforseen circumstances.

John Stumbles wrote:
On Wed, 20 May 2009 11:01:47 +0100, Paul wrote:

How do they get away with charging overdraft fees and bounced
check/payment fees when the checks they are holding had already cleared
but the funds not released.

Because they're a load of bankers?

Or a wunch of bankers?

"John Stumbles" wrote in message
...
On Wed, 20 May 2009 11:01:47 +0100, Paul wrote:

How do they get away with charging overdraft fees and bounced
check/payment fees when the checks they are holding had already cleared
but the funds not released.

Because they're a load of bankers?

Because some people still write cheques?

It can still take five days for a cheque to clear.
Some banks now put the money into an account the day after they get the
cheque.
However by the time the cheque has got to the other bank it can still
bounce.
Then they take the money back from the account.
don't spend the money until the five days are up if being in the red is
going to be a problem.

Electronic transfers are more or less instantaneous and you know you have
the cash.

"Paul" wrote in message
...
....
Its because someone has finally cottoned on to the fact that banks clear
most checks over night from the day they were paid in and have done so for
many years, I know Barclays were doing it in 1974 and that was before
computers as we know then today...

Define what you mean by 'clear'. The current system for the cash from a
cheque is (1) shown as paid into your account - immediate (2) earning
interest - guaranteed within 2 working days (3) available to draw from your
account - guaranteed within 4 working days (4) the bank can't claim it back
if the issuer does not have funds to cover the cheque - guaranteed within 6
working days. A lot of people think (1), (2) or (3) is clearance, but only
(4) is.

There was and probably still is immediate presentation, in which you got to
stage (4) immediately, but it attracts a lot of bank charges. In 1967, the
company I was working for did it regularly, but only for amounts of £10,000
or more.

Colin Bignell

Doki wrote:
The Medway Handyman wrote:
Since I started this Handyman malarky and opened a business account
with the bank, I've always had a small overdraft - a few hundred
quid, just to cover the ridiculous time taken to clear a cheque when
its paid in. In practice it can be 5 days. Rarely used, but handy
to have.
Every year they ring to ask if I want to renew it, but after the two
year 'honeymoon' period they wanted a £200 arrangement fee! The
answer comprised of two words, the second one being 'off'. Typical
bank, £200 to arrange something that costs nowt. They then suggested
a business credit card. Again the second word of the answer was
'off'. Recently had my business debit card refused for a £6 transaction
when
there was loadsa money in the account, but uncleared. Rang my
'business manager' who instantly agreed to renew the overdraft
completely free of charge - amazing what the threat of changing banks
can achieve innit?
Interestingly he agreed to renew the facility until 'January 2010'.
When I asked why, he said that changes to the banking system from
that date would mean that cheques would be cleared so much faster
that I wouldn't need the overdraft facility.

I've Googled for more info & can't find any. Anyone know what these
changes are?

Um. Wouldn't the provision of a business credit card have solved your
cash flow problems much in the same way as the overdraft would? I
would imagine that business overdrafts also charge a fair whack,
whilst most credit cards offer 30 days grace for nothing...

Don't like them TBH & if you do run over time the interest is horrendous. I
only have one trade acount from the place I buy decking timber & as soon as
the client pays me I take a cheque straight around to them & pay it off.


--
Dave - The Medway Handyman
www.medwayhandyman.co.uk

John Stumbles wrote:
On Wed, 20 May 2009 11:01:47 +0100, Paul wrote:

How do they get away with charging overdraft fees and bounced
check/payment fees when the checks they are holding had already
cleared but the funds not released.

Because they're a load of bankers?

The collective noun is a 'wunch' of bankers :-)


--
Dave - The Medway Handyman
www.medwayhandyman.co.uk

In article ,
"dennis@home" writes:

Because some people still write cheques?

It can still take five days for a cheque to clear.
Some banks now put the money into an account the day after they get the
cheque.
However by the time the cheque has got to the other bank it can still
bounce.
Then they take the money back from the account.
don't spend the money until the five days are up if being in the red is
going to be a problem.

Cheques never irrevokably clear anymore.
This was covered on BBC's Moneybox programme a few years ago.
Although the payer can't cancel the cheque after it's cleared,
the banks can claim the payment back without any limit if the
funds are later found to have been the result of fraud, and
is most likely in the case of defrauding the bank. This came
to light when some people found cheques apparently bouncing
some 6 months after they thought they'd cleared.

Electronic transfers are more or less instantaneous and you know you have
the cash.

Check the sort-code number of the source and destination
account at http://www.apacs.org.uk/sortcodechecker/index.html
to see if both support the Faster Payments system. Otherwise
it's usually about 3 days. Each back also applies a max limit
to the transfer value they will pass over the Faster Payments
system, and in some cases they might prevent the first payment
to a new payee using it, to limit the speed of money transfer
which is at higher risk of being fraudulant.

--
Andrew Gabriel
[email address is not usable -- followup in the newsgroup]